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Analyst – Model Validation Group (Toronto): Drive credit rating model validation services in a collaborative, inclusive environment.
Apply to shape robust credit models, gain expertise in financial modeling and risk management at Fitch Ratings.
At Fitch, we have an open culture where employees are able to exchange ideas and perspectives, throughout the organization, irrespective of their seniority. Your voice will be heard allowing you to have a real impact. We embrace diversity and appreciate authenticity encouraging an environment where employees can be their true selves. Our inclusive and progressive approach helps us to keep a balanced perspective. Fitch is also committed to supporting its employees by advancing conversations around diversity, equity and inclusion. Fitch’s Employee Resource Groups (ERGs) have been established by employees who have joined together as a workplace community based on similar backgrounds or life experiences. Fitch’s ERGs are available to connect employees with others within the organization to offer professional and personal support.
The MVG is part of the Criteria Review and Approval Group which reports to the Chief Risk Officer. The core objective of the department is to ensure the quality and consistency of Fitch’s rating criteria and models. The MVG team focuses on reviewing and validating all models used in the credit rating analysis across Fitch Ratings and works closely with the Criteria Officers to review and approve criteria.
What We Offer:
- Gain valuable credit modeling and validation experience, along with a good understanding of related credit products, their rating methodology, and criteria.
- Develop a solid knowledge of model governance practices and the regulatory environment.
We’ll Count on You To:
- Review and validate a wide range of credit rating models, such as default models, cashflow models, capital models, and regression models, covering asset classes including ABS, CMBS, Covered Bonds, RMBS, Structured Credit, Corporates, Financial Institutions, Insurance, and Sovereigns.
- Review model codes and documentation, build replica models, design and execute comprehensive testing (conceptual soundness, performance/back-testing, sensitivity analysis, benchmarking).
- Discuss review outcomes and observations with the model owners, developers, and Criteria Officers.
- Write high-quality validation reports and memos aligning with internal standards and applicable regulatory expectations.
- Contribute to enhancements in validation approaches, testing framework, and automation tools.
What You Need to Have:
- Master's degree in quantitative disciplines or finance.
- 0-3 years of experience in financial modelling/analysis.
- Capability to explain and communicate model review observations and model technical aspects clearly to technical and non-technical audiences.
- Self-motivation with an ability to manage timelines across multiple projects.
- Thorough attention to detail.
- Strong work ethic.
What Would Make You Stand Out:
- Demonstrated proficiency in programming in Python, R, VBA for quantitative statistical analysis. Familiarity with common libraries (e.g., pandas, NumPy/SciPy, scikit-learn) and Python object-oriented programming.
- Previous exposure to credit rating analysis or cash flow modelling
- Understanding of model risk management practices
- A Certificate in Quantitative Finance (CQF)
Fitch is committed to providing global securities markets with objective, timely, independent and forward-looking credit opinions. To protect Fitch’s credibility and reputation, our employees must take every precaution to avoid conflicts of interest or any appearance of a conflict of interest. Should you be successful in the recruitment process at Fitch Ratings you will be asked to declare any securities holdings and other potential conflicts prior to commencing employment. If you, or your immediate family, have any holdings that may conflict with your work responsibilities, you may be asked to divest yourself of them before beginning work.
Fitch is proud to be an Equal Opportunity and Affimative Action Employer. We evaluate qualified applicants without regard to race, color, national origin, religion, sex, sexual orientation, gender identity, disability, protected veteran status, and other statuses protected by law.
FOR TORONTO ROLES ONLY: Expected base pay rates for the role will be between $90,000 and $100,000. Actual salaries will be determined on an individualized basis and may vary based on factors including but not limited to education, training, experience, past performance, and other job-related factors. Base pay is one part of Fitch’s total compensation package, which, depending on the position, may also include commission earnings, discretionary bonuses, long-term incentives, and other benefits sponsored by Fitch.